Proposed Changes to the Community Reinvestment Act for Banking Institutions

The federal banking agencies recently issued a proposal to revamp areas of the Community Reinvestment Act of 1977 (CRA), which is a federal banking law requiring banks to not only meet the credit needs of their communities, but do so in a fair and equitable manner. Access this practice note which provides an overview of the proposed regulation to revamp and expand the CRA.

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Related Content        

• Fair Lending Laws and Enforcement Trends
  Take a look at the primary federal fair lending laws, the CRA, Equal Credit Opportunity Act (ECOA), and the Fair Housing Act (FHA), and gain an understanding of the array of federal and state consumer protection laws that seek to ensure fair and equal access to credit for all consumers.

• Community Reinvestment Act and Financial Inclusion
  Explore Office of the Comptroller of the Currency (OCC) guidance regarding financial inclusion standards applicable to financial technology (Fintech) firms seeking to become special purpose national banks.  This practice note includes a review of the CRA regulatory requirements and Fintech’s role in providing credit availability and lending in low- and moderate-income areas.

• US banks would have to expand low-income communities' access to credit, investment under regulators' proposal
  Access this article, which provides a comprehensive review of the 2022 CRA proposal and changes to the CRA assessment criteria.  The article also includes a view on the expansion efforts of the federal agencies to ensure fair access to credit, investment, and basic banking to all communities.

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• Trends & Insights provides the latest in news articles and insight documents on trending areas for financial service organizations.
• Community Reinvestment Act Policy Form, Evaluating Fair Lending Compliance Programs Checklist, and the Fair Lending Regulation Resource Kit are additional resources that cover key issues, laws, and regulations applicable to in-house lawyers and counsel advising on the CRA and Fair Lending in general.  Resource kits include helpful articles, practice notes, templates, and forms.
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